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Senior Contributor
Posts: 5,562
Registered: ‎02-24-2015
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Erratic NFCU CLOC & PenFed PLOC Reporting

I'm finding  that PenFed's personal line of credit and NFCU's checking line of credit are both totally unpredictable as to what balance they're going to report and when they're going to report it.

 

Being a 'micromanager', I find this unnerving.

 

PenFed just picked up and reported a balance from 2 months ago.

 

NFCU just picked up my high balance, which was mid-month, & reported it as my open balance.

 

 

FICO8 EQ 782 TU 804 EX 783 FICO5 EQ 733 Total revolving 463000
Regular Contributor
Posts: 158
Registered: ‎08-14-2016
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Re: Erratic NFCU CLOC & PenFed PLOC Reporting

My NFCU CLOC reports on the first of the month, but it reports the balance from the statement date on the 21st of the previous month. So, if I pay it off before the 21st, it will report zero balance next time it updates on the 1st. If I pay it off after the 21st, even if it is before it reports on the 1st of the next month, it still reports that statement balance.

BK CH7 Discharged 03/2015
FICO8 EQ-657 TU-657 EX-665
Revolving credit lines 125k.
Senior Contributor
Posts: 5,562
Registered: ‎02-24-2015
0

Re: Erratic NFCU CLOC & PenFed PLOC Reporting


washpadude wrote:

My NFCU CLOC reports on the first of the month, but it reports the balance from the statement date on the 21st of the previous month. So, if I pay it off before the 21st, it will report zero balance next time it updates on the 1st. If I pay it off after the 21st, even if it is before it reports on the 1st of the next month, it still reports that statement balance.


That's what I expected to happen, but it is not what happened.

 

It reported on the first or second of the month, all right, but instead of reporting the balance from the statement date on the 16th of the previous month, it reported the current balance in effect on the 31st day of the previous month, i.e. from 15 days after the statement date.

FICO8 EQ 782 TU 804 EX 783 FICO5 EQ 733 Total revolving 463000
Regular Contributor
Posts: 158
Registered: ‎08-14-2016
0

Re: Erratic NFCU CLOC & PenFed PLOC Reporting

That is annoying. One of the things I use it for is shifting balances around. Thanks for the heads up. I don't want to end up with the same debt reporting on multiple accounts.
BK CH7 Discharged 03/2015
FICO8 EQ-657 TU-657 EX-665
Revolving credit lines 125k.
Senior Contributor
Posts: 5,562
Registered: ‎02-24-2015

Re: Erratic NFCU CLOC & PenFed PLOC Reporting


washpadude wrote:
That is annoying. One of the things I use it for is shifting balances around. Thanks for the heads up. I don't want to end up with the same debt reporting on multiple accounts.

Yes it's very annoying.

FICO8 EQ 782 TU 804 EX 783 FICO5 EQ 733 Total revolving 463000
Senior Contributor
Posts: 5,562
Registered: ‎02-24-2015
0

Re: Erratic NFCU CLOC & PenFed PLOC Reporting

Update: the PenFed score from 2 months ago seems to have been removed. Apparently it reported that way only to EX, which has since corrected itself. So presumably that was some kind of PenFed-Experian glitch.

 

But the PenFed reporting is still odd. It doesn't report the statement balance, or the end-of-month balance. Instead it seems to report the balance as of the 3rd day of the month [!?]

 

Don't ask me why Smiley Happy

FICO8 EQ 782 TU 804 EX 783 FICO5 EQ 733 Total revolving 463000
Regular Contributor
Posts: 113
Registered: ‎11-09-2014
0

Re: Erratic NFCU CLOC & PenFed PLOC Reporting

I have the same problem. My NFCU cuts on the 19th and reports anywhere from 28th-3rd.

It's a real crap-shoot trying to figure it out. My PenFed LOC is relatively new and seems to show balances from a

few months back. The statement cuts on the 7th but my EQ hasn't updates since 12/31.

 

Can anyone else shed light on this?

Established Contributor
Posts: 956
Registered: ‎04-14-2016
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Re: Erratic NFCU CLOC & PenFed PLOC Reporting


horticulturalist wrote:

I have the same problem. My NFCU cuts on the 19th and reports anywhere from 28th-3rd.

It's a real crap-shoot trying to figure it out. My PenFed LOC is relatively new and seems to show balances from a

few months back. The statement cuts on the 7th but my EQ hasn't updates since 12/31.

 

Can anyone else shed light on this?


I have a theory.  There's no rule requiring an institution to report as of the statement date, only that if they're going to report they do so monthly.  As we know, NFCU soft pulls accounts for everyone like clockwork at the beginning of each odd-numbered month (Jan, Mar, May, Jul, Sep, Nov).  It may be the case that they've simplified the whole thing by setting up their entire reporting and monitoring system to interface with the bureaus strictly at or around the beginning of the month and report as of that date, completely ignoring statement dates.

 

I'd offer to test, but my statement date is the 3rd anyway  Smiley Tongue






BK7 Discharged 4/27/2016 - Fico 8 as of 05/18/2017: EX 655 / TU 660 / EQ 676 - Follow my Journey Here
Senior Contributor
Posts: 5,562
Registered: ‎02-24-2015
0

Re: Erratic NFCU CLOC & PenFed PLOC Reporting


TygerHawke wrote:

horticulturalist wrote:

I have the same problem. My NFCU cuts on the 19th and reports anywhere from 28th-3rd.

It's a real crap-shoot trying to figure it out. My PenFed LOC is relatively new and seems to show balances from a

few months back. The statement cuts on the 7th but my EQ hasn't updates since 12/31.

 

Can anyone else shed light on this?


I have a theory.  There's no rule requiring an institution to report as of the statement date, only that if they're going to report they do so monthly.  As we know, NFCU soft pulls accounts for everyone like clockwork at the beginning of each odd-numbered month (Jan, Mar, May, Jul, Sep, Nov).  It may be the case that they've simplified the whole thing by setting up their entire reporting and monitoring system to interface with the bureaus strictly at or around the beginning of the month and report as of that date, completely ignoring statement dates.

 

I'd offer to test, but my statement date is the 3rd anyway  Smiley Tongue


My apparent PenFed reporting date -- the 3rd day of the month -- is also the 'pay by' date; don't know if that's coincidence or not.

FICO8 EQ 782 TU 804 EX 783 FICO5 EQ 733 Total revolving 463000
Frequent Contributor
Posts: 430
Registered: ‎10-22-2015
0

Re: Erratic NFCU CLOC & PenFed PLOC Reporting

Wanted to add my 2 cents...

 

My NFCU CLOC is reporting monthly accurately.

 

**bleep** PenFed CLOC is a joke...I used it once and let $250 report....That balance was paid in a week after it reported and it still reports $250 ---- THREE MONTHS LATER.

Discharged BK7 - 10.16.15
Current Fico8 - (1.31.17) EX - 656/EQ - 663/TU - 660
Total CL - $120,000

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